SOLUTION: How long does it take $875 to double if it is invested at 8% compounded monthly?

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Question 436823: How long does it take $875 to double if it is invested at 8% compounded monthly?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Principal P = 875
Amount= 1750
years=n
compounded (t) 12
Rate = 8 0.01
Amount =P*((1+r/t))^n*t

1750 =875*(1+0.01)^ n*t
2 = *( 1 + 0.01 )^ n* 12
ln 2 = 12 n *ln 1.01
0.69 = 12* 0.01 *n
8.69 = n